coast. president trump is not ready to sign off on it yet, we will tell you why, stocks climbing on the news, s&p is up 6 and nasdaq higher by 24, comes after s&p closed at another record high yesterday. retail rebound, wal-mart strong earnings report positive sign ahead of holiday shopping. 8:30 a.m. we will have the number and analysis as soon as it hits the tape. 2020 hopeful selling mugs on her campaign website, latest strike on war on wealth. bench-clearing brawl, one player ripping helmet using it to slam hid in the head, thousand nfl is responding this morning,

mornings with maria begins right now. ♪ ♪ maria: wall street journal wealth management reporter, secret of wealthy women's podcast verónica. >> we've got the update too, mark cuban's mavericks lost to knicks. i'm coming back, we are getting the revenge game, yeah, he didn't do it, so. maria: it was close, though, i looked at the score in the middle of the night just to check it, just a point between them and then it went. the knicks won.

i'm sure mark cuban has a lot to say about that this morning. >> that was tough. phase one deal, there's a lot of debate about that i just want to say the chinese yesterday were going to buy agriculture and the u.s. side does not want to take away tariff increases planned in december, having said that, larry kudlow said they are close. the president is looking at it and the s&p hit record territory. white house economic adviser larry kudlow says talks are in final stages but president trump not quite ready to sign it yet. we have october retail sales coming out in 2 and a half

hours, daniel, you think we will see a deal getting done? >> i do think that we should get phase one done, i don't know when that's going to happen , i think that, you know, there's a chance that the market sells off on that. i think it would be good specifically manufacturing part of america which has been hurt by the tariffs. the chinese are not making this easy, kevin. yesterday i was talking to somebody that knows about the deal, they keep pushing back on so much, they don't want to have mechanism enforcement mechanism, they're balling an the forced transfer of technology and they don't want to tariffs in place, the president will not do that, he's expect to go raise tariffs on december 15th, yet maybe we are close as larry kudlow says

but they have to agree to the things that are important to the u.s. side. >> you know what's frustrating that this is the same exact script last december, larry kudlow specifically said we will get trade deal done and 95% way there. maria: mnuchin as well. >> nothing comes away. the most telling points that the chinese did not buy the soybeans they were going to buy, they want to hit the president hard in the states that he needs to win in the election. as long as we can enforce it they won't care but the problem is that they're not going give up they're 2525 plan, 2049 plan and 2049 plan is number one military in the world. for them they are trying to weigh out the president. maria: i don't disagree with what you just said, feels like

if they wanted to make a deal, they would have agreed to all of the things and does not seem like they want to agree to all of the things and they are balking at the things they will buy. >> we want to have flexibility later. well, that doesn't help our farmers, we need an idea of what's in store. maria: balk now and not do it now, okay, we will do it and come across as we just got something meanwhile it's the same deal. >> this goes back to iran too. they can enrich as much uranium as they want. the wholed in is we need to enforcement mechanism and that's the most important part and they will never concede to that. maria: i want to talk about capitalism versus socialism.

patrick to an questions of bank capital. republican mitt romney founded bank capital. this is what patrick said when asked about the state of the democratic party. >> i love that the party has moved to the left, i love that we are the party of the woke, i believe that we also have to be the party of the still waking, there's a place for private equity in the private economy, there's a place for business in our lives but it is also true that capitalism generally has a lot to answer for and we need to be able to confront that and i've done that same work in other settings before. maria: capitalism has a lot to answer to. i spoke with dallas mavericks owner mark cuban about the debate capitalism versus socialism and this is what he said. >> capitalism is going to win, there's no question about that.

but, look, i'm never against open discourse, that's what makes this country great, you know, people being able to convey their opinions, i'm not going to agree with all of them, socialism just doesn't work. then there's this, elizabeth warren, 2020 candidate senator elizabeth warren's capitalizing against stance against wealth and has slogan, she's against capitalism, i am a capitalist and capitalizes on it. >> the biggest issue is they impose regulations and taxes they keep people out of the free market and that's exactly the problem that we have right now, the tax code is convoluted and

the problem isn't capitalism, it's crony capitalism and big government democrats that want to impose that, that's why people are actually talking about socialism today. >> demonizing billionaires goes exactly against everything that the country has to offer, it's the american dream, it's the thing that people really want to achieve and i think it sells eyeballs, people want to get shocked and afraid and get the mug, she's taking advantage of the opportunity. >> half of the money is going to charity, i wonder if it is. maria: going to her campaign. >> that's why it's so funny, since when did wealth become a bad word? so many people they may knock it but secretsly they want to -- >> here is the problem that we have, everybody is a victim, the billionaires didn't earn that, that quote, unquote say they are

woke. if you risk and took chances you deserve the rewarded and not up to the government. maria: google probe to continue search and android business, this number is in cross hairs, censoring of conversation, your reaction. >> not going away any time soon, this company and big tech in general is a target right now and that will stay that way well in 2020. consumers want to see reform, i'm not sure what regulation they will get, investors are expecting more regulations on the companies because of some of the issues. maria: quick break, we are just getting started, we have wilbur ross and find out exactly where we are.

andy on national security vote, security and exchange commission on state of ipo market and why so many fewer companies are public today than 5 or 10 years, the president of dallas reserve and state of economic today, big 3 hours coming up, we will slip in a broker and looking at the big-tech battle, pentagon awards huge cloud contract to microsoft. fight on the field, 3 players ejected after a brutal brawl at last night's steelers games. more on the video when we come back.

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maria: devastated community gathers after deadly shooting. cheryl: frightening day, maria, a teenager killed of killing 2 people and injuring 2 more on his birth, happened in santa clarita, california, shot himself in the head, he's now hospitalized in critical condition, so far there's no known motive to this shooting in california. let's switch gear and talks amazon, 10 billion-dollar pentagon contract award today mike zone, amazon web services has issued this statement, numerous aspects to have jedi valuation process has unmistakenable bias and it's important that the matters be examined and rectified. well, president trump a vocal critic of amazon ceo jeff bezos has publicly criticized amazon's fit for the government's business, he actually asked for an investigation of the fact in

july of this year. well, you've missed it, let's watch it all again, explosive end to thursday night football, the browns-steelers game erupt intoed a sideline clearing brawl. >> oh, gosh, that's one of the things i've ever seen on professional sports group. cheryl: unbelievable, miles garrett ripped off helmet of quarterback mason rudolph hitting him on the head with it as you just saw, garrett almost certainly is facing suspension along with pittsburgh mike who retaliated kicking garrett in the head, the browns, i'm not sure it matters, 21-7, hay had nothing seen something this brutal on the football field, i'm not even sure ever, this was unbelievable. maria: terrible. cheryl: yes, suspensions are

coming. >> the way he hit him, he should be suspended for the rest to have season regardless. >> terrible. >> he could have seriously hurt him by the way. cheryl: looks okay but just, you know, unreal. this is why people get mad at the nfl. maria: it is. thanks, cheryl. u.s. and china made considerable progress on inking a trade agreement, why the president is not ready to sign off on it yet. day of of impeachment hearings, accusing the president of bribery, stay with us, back in a minute. liberty. liberty. ♪

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maria: welcome back u.s.-china trade optimism this morning moving markets, larry kudlow saying that president trump like what is he sees but not ready to sign off on a deal just yet after report that is proceedings had hit snag over farm purchases, chinese were pushing back, did in the want to buy agricultural product that is the president had said the chinese would buy. founder of atlas organization, china's vision of victory, jonathan ward, jonathan, great to have you this morning, thank you so much for joining me. >> good morning, maria, good to be here. maria: first let's talk about u.s. and china potential partnership, you've written a lot about china, do you think the u.s. and china will be able to have a partnership together which is equal? >> no, this is not going to happen, the communist country

wishes to replace us. , they see themselves as dominated the 21st century. taking our technology, having access of the markets of the whole world that the united states built after the cold war, they seem to take that over and run it ultimately. >> you wrote this op-ed about this on foxbusiness.com america can stay on top amid the impasse, u.s.-china competition the highest political competition in generations, contest that the united states can win if we focus on the right objectives, tell us more about that jonathan. >> absolutely, all we need to do is get to next decade 2020 working on productivity, investing in the united states and manufacturing and robotics in all the key technology that is will come out and make sure we are building at home, we can stay ahead of china if we productivity increases 2 and a

half percent, we can build the next trillion in annual gdp, that's what we should be focused on, the more distracted by the china market, the less that we are doing at home and also with our ally. maria: when you say we are close and this is great that the chinese will open up markets, financial service's company can get a bigger footprint in china so they can sell to 1.4 billion people, ceos were interested in getting their products in front of 1 and a half billion people than actually protecting the products, a lot of people working on the deal they want u.s. companies to have the access to sell to chinese people, they're not thinking at other things like national security like you are.

>> they are not thinking long-term either. >> we just saw this in national association manufacturers, they are going to trade industry and anything they can to get advantage whether that's industrial or informational, going over there, if ceo's are thinking too short term, the communist party is producing national champions essentially go out around the world with stolen american and multinational intellectual property, great example is micron and just massive theft of deep r&d and many examples of this and that's what the china market really is, they are taking from you and sending back to global markets, backing of chinese state fulfilling the broader communist strategy of replacing the united states and it's very dangerous for u.s. companies, jonathan, you're hitting a good point here, how are we going to address the

state-owned enterprises that are going out and dumping into those other markets, i will give you a great example, we will have andy here later in the show, what does hauwei do, they undercut the rivals by 60% and then chinese state-owned banks actually give low financing and cheep financing where carriers can't resist buying equipment and competitors can't compete. >> right, hauwei is a perfect example of national security play, they dominate 5g and next generation infrastructure and going around and global strategy being built, the belt and road, the super continent, they would like to get hauwei as much as possible and they will have access to everybody's networks. >> how do we stop that, that's the question, how do american companies compete, how do western democracy compete against that, how do we prevent

that? >> you will need free world 5g, we have to have democratic alternatives, you really need to get the united states, europe and japan together thinking about the nations and add india to that, india walked out of china-led trade deal, india is wanting trade deal with somebody, that's a big one that we should be working with, do bilaterals if you can't do unilateral, give manager to british and start rebuilding free and democratic world that we led china into thinking china was becoming responsible holder. you want foundation. maria: right. the fact that chinese want tariffs off as precondition, they are going to lie, they are going to cheat and steal and

that's what's hong kong is all about. maria: six months in hong kong and falling into recession for the first time in a decade. violent antigovernment protests and u.s.-china trade pass certainly has to have pressure on the chinese but they are still unwilling to keep the promises that they made in that initial trade deal back in may which included, you know, having it against the law to steal intellectual property, i don't know if they will renege on this, but there are no indications that they are agree to go any mechanism to keep them at the table in terms of an enforcement. >> yeah, they're not going to do that, their model is to steal from us. the tariffs are essentially the leverage. you can get more leverage by

putting in other trading agreements with with other partners. we have to get past this ugly dependency on a communist, you know, dictatorship that's committing human atrocities and they are challenging allies and building up military for conflict with us. they talk about this, maria, the community of common destiny for mankind, basically putting out this idea of what world order looks like with china at the center if china regains as they see this sort of central position in the world, you know, they're not putting the concepts together for what the 21st century looks like which is why they're not negotiating the way we like them to. maria: the europeans, you know,

they should be asking themselves as well as they hold onto hauwei equipment, who do we want running the world, do we want a free democracy as the largest super power in the world or do we want communists as the largest super power in the world, it's an important question and we -- that's where they're going, jonathan, good to have you this morning and we will check out your op-ed on foxbusiness.com, jonathan joining us, atlas organization, stay with us, i will be speaking with commerce secretary wilbur ross and andy purdie is here at the 7:00 a.m. hour, day 2 of impeachment hearings, security at the border, we will introduce you to one company using thermal technology for screenings, wait till you see this, back in a minute.

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maria: welcome back, good friday morning, tgif, i'm maria bartiromo, top stories 6:32 a.m. on the east coast, final stages of phase 1, larry kudlow says the agreement with china is on the brink of completion but president trump is not ready to ink the deal just yet, we are taking a look at exactly where we are, stocks climbing on the news, nasdaq up 23, yesterday we had another record high for s&p 500, take a look, s&p in all-time high, 3,096 for a gain of just 3 points. take a look. dax index in germany lower by about a point, in asia markets finished higher here, best

performer was korea. cracking down on immigration, the homeland security department deploying new body heat technology, the trespassers at the border. china-trade optimism pushing markets higher this morning, dow industrials are up 64 points, s&p 500 adding onto another record high close yesterday. the dow and the nasdaq down fractionally but as you can see we have some firmer tone this morning. white house economic adviser larry kudlow in final stages but president trump is not ready to sign off on it, joining us right now brandy, jack mcintyre, jack, great to have you. >> good morning. >> how important is a china deal? >> more important from marketing standpoint. we get a deal and all of a sudden a flow of cap x, phase 1 is the low-hanging fruit and if

they are struggling get phase 1, what does that mean for phase 2 or 3, i worry about euphoria in phase 1. kevin: bond proxies, we've had the fixed income etf sold off 10%, real estate was down 5%, where do you think yields are going to go here and are you going to see volatility in the rates market because it's happening episodically. >> i agree, i think we will get more volatility, i don't see inflation really moving higher, i'm on the same camp, low inflation means we will get a sustainable recovery or expansion and without inflation, inflation expectations aren't going to be high so i don't think yields -- >> we saw more inflation yesterday that came under

expectation. >> having said that i don't think yields will go significantly lower without seeing deterioration of the u.s. labor market, so the mind set that i have you will probably earn your coupon. >> one of the things that powell said, jack n comments this week is the debt in the u.s. is growing faster than nominal gdp and ultimately in the long run it's not sustainable and our grandkids will have to use their tax dollars sustaining the debt. what do you think about that? >> yeah, i agree, that's been the story for decades, you know, we've been growing the passive, this debt, running huge budget deficits and at some point the market wills send message and bond vigilantes will say, get your bonds in order, we are not there yet, you have to differentiate where the debt is coming from, it's not household sector you government, corporations are having huge amount of debt right now. >> the yield frenzy that's percolating right now.

>> when we have this much debt, it means that yields can't go significantly higher because of cost of servicing the debt gets out of control. >> some wealthy investors are expecting a pullback in 2020, i'm wondering what you think of that, many investors are holding a lot more cash. >> pullback in risk asset? >> yeah. i'm not there yet because i don't -- i think we will have this okay economic backdrop and i think it's sort of a goldy locks, we will get some growth, it's not going to be real strong growth, i think there's probably going to be better growth away from the u.s. and this is where we are contrarian but i don't think, i don't see need for u.s. equity markets to go under selloff right now. >> not holding more cash as a result? >> cash did well last year that was the best-performing asset, i don't think that's going to be the case, this wasn't the case this year and -- maria: chairman jay powell was

optimistic, he said rate cuts this year would help offset lingering like trade uncertainty, what do you think of trade uncertainty, cap x, starting to sit on cash? >> powell did a victory lap and the fed reacted quickly enough, they cut cuts, they are expanding the balance sheet now, again, i don't think even with the u.s.-china trade deal that this is going to ignite spending because there's still huge amount of uncertainty, i'm in the camp this is economic cold war, we can move the ball forward but it's the other issues, phase 2 and 3, national security issue, the u.s. imposing on china sovereignty issues. >> the strength of the dollar precluded them from competing in global scale because it's so

expensive, we are losing in merging markets. >> that's a great point and i would advise powell, things look good but keep an eye on the dollar, the dollar is mechanism that lines global growth and strong u.s. growth, if that continues the dollar will appreciate it and tightening of financial conditions, i don't think that's the case, i don't expect it to weaken. >> do you see that the markets actually win, terrible couple of years. >> you're absolutely right, i think that's probably one of the key things to focus on, globally inflation is low so that means that it allows central banks and em to cut rates, the fed having cut rates open the door, we are to 50 plus banks central banks cutting rates, i think that's going to help growth.

>> looking around the world where do you see more opportunity for investors right now? >> so we are skewed more towards the emerging market, from a bond standpoint, the yields are still attractive, undervalued, one of the things that we are watching about watching very closely the protests, we've got -- that brings sort of risk into countries specific as opposed to just sort of u.s.-china trade and the fed but despite that i still there's opportunity in merging markets? maria: which ones? >> méxico, you look at chile and protest, i think there's opportunities presents themselves there, we have to see some type of resolutions on the protests but commodity prices have been weak, i expect them to be stable and i think the commodity which have gotten beat up significantly should do okay.

maria: jack, great to have you, jack mcinspire, i will be speaking with dallas federal reserve president at the 8:00 a.m. hour, one company using thermal technology for screenings, more on the ground breaking change coming up, 15 minutes of fame over, all 3 jeopardy contestants stumped by this answer. (vo) the flock blindly falls into formation.

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maria: impeachment inquiry hearings entering second day, former ukrainian ambassador marie yovonovitch, griff in capitol hill, griff, good morning to you. >> only one witness and she felt threatened by, donald trump and rudy giuliani had smearing campaign against her, she cried, emotional during closed-door deposition and so perhaps

democrats hope she will be emotional today while the whole country is watching, yovonovitch recalled in may, famous call wasn't until july 25th, if you look at sort of how this is going to unfold at 9:00 a.m. they will gavel in, opening statements, swearing in, and then like we saw on wednesday, the majority gets 45 minutes of questions, minority gets 45 minutes of questions, and then there's a 5-minute round for each member, 13 democrats and 9 republicans on the committee, meanwhile speaker pelosi changing her language towards what she believes president trump has done calling a bribery and even comparing it to watergate, listen. >> to withhold military assistance in return for a public statement of a -- of a fake investigation into elections.

cover-up makes what nixon did almost small. >> maria, there's also one other thing happening here, another closed-door depositions, david holmes, apparently holmes overheard the president speaking with ambassador sonland and believes that that was the conversation about the president's interest in investigation into bidens, we are not done today, maria, 8 more witnesses that will go before the opening hearings next week on tuesday, wednesday and thursday. maria: griff jenkins on capitol hill, coming up tech and the border, new ground breaking technology, thermal vision for security screenings, you don't want to miss it, wait till you find out what they can find about you, back in a minute

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sleep number 360 special edition smart bed, now only $1,799. ends sunday. maria: welcome back, new technology transforming border security through vision uses body heat cameras to detect concealed items, the technology being deployed all over the world including at u.s. southern border, joining us kevin grammer. thank you so much for being here. >> thank you, maria. maria: we have the technology here onset, first tell us about the technology and how it works. >> the technology is a passive technology meaning it does not emit radiation and we use thermal contrast recognition, measuring body heat coming from your body and identifying the items that are blocking that energy. maria: we will look it right now, we have the technology onset and what are we seeing right now?

items in the pocket. >> so patrick can you show us what you have in your midsection there? the way the technology works -- we can see powder, plastics, meta detects metal, we can detect all other items that metal detector cannot detect. maria: how does this compare to all screening methods as we all know as we go through airport, for example? >> good point, detection at range is new category for security technology so we are screening people from a distance so usually when you go to airport, you go through metal detector, you stand in the system, put your hands over your head and our system does this from a distance and do it in basically a passive way, no radiation coming at you, we can see items on the body that are blocking that energy coming from your body and the officers can make a determination on what to

do next. kevin: i think one of the best parts is we know fannie packs aren't out of style and currently deployed to uk, in london for knife attacks. >> it was a very effective use of our technology. >> how far away can you spot something? >> so depends on the size of the object but about 10 meters is kind of a sweet spot for us, so little bit less if you're looking for smaller items, suicide vests are something that we can detect very well from much further distance but we can see to much smaller items for, say, airport security. >> so you can see jewelry, you can see anything that's really foreign that's not emitting some kind of heat, what's to prevent suicide bomber to put some kind of heat admitting technology around their bomb? >> because the sensitivity of our system and the way it

measures that energy coming from there it would be almost impossible to thermalize something exactly to body temperature. maria: can this be deployed anywhere where people can be screened and they don't even know it or, i mean, your customers are largely governments, right? >> it can be screened, you can deploy in multiple ways, it's mall enough item that you can deploy like back here, we have systems where you can move it around and do a mobile deployment so you can do random and unpredictable screen. it's completely on whoever is deploying the technology, you can do it overtly or covertly. maria: how wide scale is it. >> we announced a win with u.s. customs border protection to demy on the border, currently you may know or may not know, there's no technology screening them, officers rely on k9 and their training and we provide

them a tool to actually look at the people that are coming across the border. kevin: when people are moving in motion too, they don't have to be sitting there and they can deploy on a wide-scale -- >> absolutely. if you think of it as a camera and what we can see in different part of the spectrum, we do not see any detail. kevin: right. >> somebody is carrying drugs or fentanyl or opioids, in their body we would be able to see those. >> is technology like this, could that pick that up? >> good question. the technology looks for the things that are blocking the energy coming from the body, 3d printed gun will make way to metal detector, anything that's not metal will make it to metal detector, 3d guns, 3d printed guns, the can he -- ceramic and

metallics. we are working with tsa and innovation task force to look at new faster ways to get people through airport security, so we have airport -- >> thank you for that. [laughter] >> airport travel increasing, tsa they will not people their way out of the problem but deploy technology to do that. maria: we are looking at pictures when i went to el paso border, there was supposed to be a river, right across from méxico right into the united states, to el paso, texas, there was nothing. >> yeah, we are deployed at the border, we used at port of entry where people are coming through on there, so the cbp is looking to deploy another variety.

maria: we will be following your -- your technology for sure, kevin grammar joining us there. wilbur ross next talking phase 1 of u.s.-china deal. jeopardy contestants stomped by this answer, what they didn't know right here. stay with us. no commission. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades. wow! giving one. how did you guys...? >>don't ask. the lexus december to rembember sales event get 0 percent apr for 60 months on all 2019 models. experience amazing at your lexus dealer.

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maria: welcome back. good friday morning, everybody. thanks so much for joining us i'm maria bartiromo. it is friday, november 15 many. your top stories right now. the final stages of phase one. larry kudlow says the agreement with china is on the brink of completion but president trump is not ready to ink the deal just yet. a breakthrough in usmca apparently, house speaker nancy pelosi signaling progress in talks with the trump administration. she says she wants it passed by the end of the year.

wilbur ross will weigh in many coming you, live, exclusive straight ahead. futures this morning are high h, take a look. dow industrials up 70 points right now, s&p up 7. nasdaq up 28. this is the high of the morning. the s&p 500 finished at 3,096 with a fractional gain, unchartered territory. the dow and nasdaq were down fractiofractionally. the fq is down 47, cac is up 16 points and dax in germany is higher by 11. in asia overnight markets finished mostly higher with the best performer in korea. the kospi up better than 1%. the u.s. versus huawei, the chinese technology giant facing abfcc vote that would ban carriers from using it. the united states is not backing down on its criticism of huawei. why will ja jam barr -- william barr says it cannot be trusted.

afteavenatti who? the he question that stumped the jeopardy contestants. coming up. joining me to break it down, danielle hughes, kevin kelly and the host of the podcast secrets of wealthy women, veronica dagger l. great to see everybody this morning. >> great to be here. >> good to see futures are up, especially off optimism on a draid tradtrade deal. nvidia reported last night. they did well but tempered expectations off of what's happening in china. maria: the earnings story is a great backdrop. the economy is showing great strength. we're waiting on retail sales this morning. our top story this hour is the u.s. versus china on the trade deal. white house economicked advisor larry kudlow said the first phase of a trade agreement with china is in the final stages. president trump is not ready to sign it just yet. the president weighing in at a

rally in louisiana last night. watch. >> we're making a great deal with china. or we're taking in billions in tariffs. i can live either way. they want to make the deal much more than i do. maria: joining me right now is commerce secretary wilbur ross. mr. secretary, always a pleasure to see you. thanks so much for joining us. >> good to see you. maria: where are we in terms of doing a deal with the chinese? obviously, this week we've been all over the map. first they wanted all the tariffs off, the president put water on that. the president was not going to take any tariffs off. we're still expecting a tariff increase in december. then yesterday we heard the chinese are balking at buying the amount of agriculture the president has l signaled. where are we on the trade deal. >> you don't have a deal on anything until you have a deal on everything. it's not surprising that at the very last minute pieces are bouncing around. but i think the main thing is what the be president said at the rally last night. china wants to make a deal. we think we would like to make a

deal if it's the right deal. this will get made in all likelihood. maria: in all likelihood. will the chinese agree to an enforcement mechanism where there are consequences if we find out they continue to steal intellectual property? >> well, as you know, this phase one is relatively limited in its scope. and what's really being debated is how much limitation will there be on the scope of phase one relative to phase two or maybe phase three. so let's see what comes out. the devil is always in the details. and we're down to the last details now. maria: the last details are probably the most important u, right, will had they stop stealing intellectual property and will the president remove the tariffs. >> the president hasn't agreed to remove the tariffs. i think he made that pretty clear the other day. but let's just see what comes. i think the important thing is, it looks as though there will be

this first giant step toward peace and quiet with the chinese. that's the important thing to focus on. we'll see the del tail tails ase -- details as they come through. they're going to be good details or else the president will not go along with it. maria: the most important, this big phase one is about market access, secretary? is it just about giving financial services companies the ability to own their companieses out and out in china, where as right now you have to own 49% of a joint venture with the chinese company having the majority? >> right, well, it's about a lot of things. but the major focus is the focus on current trade. that's where the president was talking about the 40 to 50 billion in agriculture. one of the questions is how firm is that commitment going to be and what happens if they don't live up to it. that kind of issue is really important to getting this put together. maria: do you see that the

chinese are balking at the amount of agriculture that the president said that they would buy? do you have an agreement that the chinese are actually going to buy the agriculture that the president said that they would? >> well, they can certainly afford to buy 40 to 50 billion. in fact, they he'll reall reallt phased in over the couple of year time period. the question is, are they willing to commit to it and if they are willing to commit, are there any escape patches to the commitment. maria: and that's really the important detail. is there an escape patch. just like are there open doors to huawei technology. i want to ask about huawei. attorney general william barr says huawei and zte are threats to national security and they cannot be trusted. what do you say about that? >> well, as you know, we have put them in the penalty box. evidence they've been put on the entity list. and it's over that kind of issue that we have done that.

it's also over that kind of issue that fcc is in the process of taking some definitive action. these are dangerous situations. 5g is going to be running everything. it's the internet of things. if somebody can do evil in the context of 5g, they can do real evil to the whole country. we can't afford to let that happen. we in this country have made the decision huawei is not an appropriate player to have control of our 5g market and a number of other countries are also following us. attorney general barr heads up the department that brought indictments against huawei that are in court right now and huawei has let their chief financial officer, who is also the daughter of the main

shareholder, have let her stay under house arrest in canada for a year now, rather than let her testify. if they have nothing to r worryy about, why are they letting her be stuck in house arrest for a year rather than have her come down and defend herself? maria: i mean, if huawei is such a question, such a risk, why would we have these waivers in place? the deadline in terms of waivers for american companies to work with huawei is coming up. is there any reason to believe that these waivers are going to be lifted? >> well, let's he focus on what we really mean by waivers. what we've given is a temporary general license, mainly so that the rural telecom companies in the u.s. can continue to function. they unfortunately are very dependent on huawei for 3g and 4g. there are enough problems with

telephone service in the rural communities. we don't want to knock them out. so one of the main purposes of the temporary general licenses is to let those rural guys continue to operate. that doesn't have anything to do with huawei's efforts in 5g. what the attorney general was talking about and what we're really focusing on is the 5g. can you trust huawei to be the 5g supplier for your country? our conclusion thus far is no. maria: what is it going to take for europe to better understand this, secretary? because it feels like the europeans have their huawei infrastructure in place and it's expensive to dismantle it and change it. do you see any change in terms of the europeans? because secretary pompeo told me that if the europeans continue to use huawei, we're going to share less information with them. >> well, remember, europe is not one monolith.

some of the countries indicated they might use huawei for 5g, some have indicated they have not. boris johnson, for example, has said that that matter is under review in the u.k. so i don't think it's quite accurate to say that all of europe is going to use huawei. problem is, some people are tempted by low price and that's a real dangerous trap. are you willing to settle for a huge risk to your national security, just to save a few bucks on the installation of your 5g system? united states feels we're not. maria: yeah. it's a really important point that you made. secretary, real quick on this deal that the u.s. is negotiating. want to get to usmca. but as my final question on this, do you expect we'll get to a phase one deal with the chinese? >> i think there's a very high probability of it. at the last minute, we were disappointed in may.

maybe we get disappointed again now. and if we do, the president has made quite clear he's happy to live with this situation where we impose tariffs. so we're really in a win-win position. either the tariffs will continue or we'll have an acceptable deal with china. so the important thing is to make sure that the deal is what we think it is, make sure that it is consistent with the promises that they've made to us. if it is what it seems to be, and if it's consistent, then we'll have a deal. maria: it feels like we're in the same place that we were last week. is there any reason to be optimistic had that we're any closer this morning? >> oh, yeah. we're much farther along in terms of detail. there are calls all the time, another call today. there's a lot of work being put in on this. this is not a thing where people are just sitting around

star-gazing. people are working quite actively on a real-time basis to try to put this together. it's a little unfortunate that when the chilean conference where it was to be announced got put off, it eliminated a very important deadline. it's great to have a deadline when you're having negotiations. now that that deadline got removed, through no fault of the chinese and through no fault of ours, it takes off a little bit of the time pressure. i think that's really what we're dealing with. maria: i see. so the work that's happening now is trying to get the chinese to understand that we need an enforcement mechanism in there? is that one of the main issues? >> what's happening now is to make sure we are precise in what the parties have agreed to and what are the conge consequencesf they don't live up to the agreement. maria: i see. and is the december 15th

deadline for the tariffs, is that a date you're going to uphold whereas the tariffs will go -- an increase in tariffs go into effect december 15? >> the president hasn't indicated any change thus far. and there's plenty of time between now and the 15th. so let's see what happens in the real world, rather than just speculate as to what might be. maria: so you want to try to get a deal done before the december 15th tariff increase goes into effect? >> i'm pretty sure the chinese would like to have it done too. maria: sure, yes. >> if there's no deal, there's not very much probability of any relief on the tariffs. maria: the usmca story feels better this morning, secretary. let me ask you about that. house speaker nancy pelosi said that a trade pact breakthrough with the trump administration could be near. listen to this. >> we are moving positively in terms of the u.s., mexico, canada agreement. i do believe that if we can get this to the place it needs to be, which is imminent, that this

can be a template for future trade agreements. i'd like to sees us get it done this year. that would be my goal. i don't imagine that it would take much more in the senate to pass. maria: secretary, i think there are about, what, 14 days left for the rest of the year where congress is in session. >> right. maria: do you expect a deal? >> congress doesn't work every day. so you're right, it's probably about 14 days left. but as to what speaker pelosi was saying, this deal already is a very good template for future deals. it's much stronger on the issues the democrats claim to be concerned about than the old u.s. nafta deal. and it's much better on the issues of labor, environment, and especially economics and protections than any trade deal in the history of the u.s. has

ever been. so there is no substance to their continued delay. they've cost the economy billions of dollars already by delaying as long as they have. it's time to get serious. it's time to pay attention to something that really helps everyday americans instead of having these silly hearings. maria: do you believe that she could continue with her public hearings to try to impeach this president while also trying to get usmca over the finish line? do you think this deal happens? will it pass by year-end? >> i think there's no question that if she puts it on the floor, it will be overwhelmingly voted. so the real question is when or if she's willing to put it on the floor. maria: yeah. so we don't know. do you think she will? >> i hope so. for the good of the country, had that would be the singular

accomplishment of this congress would be finally going along. remember, they've been fooling around with this for a year. maria: i know that. >> for a year. maria: mr. secretary, great to have you this morning. thank you. >> thank you, maria. maria: wilbur ross. newe'll be right back. cut. liberty biberty- cut. we'll dub it. liberty mutual customizes your car insurance so you only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪ diamonds shine like me. they're strong. they're brilliant. i am a diamond. find beautiful diamond styles for all the diamonds in your life, including you. get 25% off everything. including these one of a kind deals at the early-black friday vip event, now extended through november 19th. exclusively at zales. the diamond store.

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my team and i often choose to invest at the very early stages of human trials. investing lets me use everything i've learned as a doctor to help make a positive impact. so that's why i go beyond the numbers. maria: welcome back. israel launching a series of raids on targets linked to islamic jihadists in gaza. cheryl: the israeli military say it was in retaliation. israel released video showing rockets being intercepted. these new strikes again creating uncertainty over whether the cease fire is going to stick. more than 30 people have been killed in this conflict so far. well, we're going to learn about twitter's ban on political ads today when the company releases full details of the new policy. twitter announced the ban last month, weeks after facebook ran

into trouble for saying it would accept political advertisements even if they contain misinformation. the ban takes effect next friday. not expected to have a major impact on twitter's bottom line. there's twitter in the premarket, up half a percent right now. and who is michael avenatti. turns out no one knew that answer on last night's episode of jeopardy. the audience met with silence when all three contestants were left stumped. >> this lawyer's far ros star e while repping stormy daniels but fell after he was accused of trying to extort millions from nike in 2019. his name, you've for goaten, obviously, michael avenatti. cheryl: he recently pleaded guilty to charges he tried to export nike. who is michael ofte afternoon mn

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to do the extraordinary. take your business beyond. maria>> so we're really in a wn position. either the tariffs will continue or we'll have an acceptable deal with china. so the important thing is to make sure that the deal is what we think it is, make sure that it is consistent with the promises that they've made to

us. maria: that was commerce secretary wilbur ross on the state of the u.s.-china trade negotiations, phase one hangs in the balance. larry kudlow said yesterday that negotiations for an initial deal are in the final stages but president trump is not ready to sign anything yet. joining us right now is ey chairman and managing partner, kelly grier. kelly, grad great to see you ag. thanks so much for being here. >> thank you, maria. great to be with you. maria: you've got customers across the business world, large companies, mid-size companies, come to ey for consulting advice. tell us what they're saying about the importance of a deal with china. is it all just about the companies getting market access or are they worried about national security issues as others are? >> i think that companies are worried really about the total chinese trade relations agenda including security and certainly access to the marketplace there on an equal footing. so it really is i think a

holistic view of what constructive discourse and ultimately relations with china means for business that's top of the agenda for our clients. that being said, i think there's a lot of optimism with the negotiationses, with the discussions and the prospect of a phase one deal being struck and i think that that discourse and that confidence is actually making its way into some of the calculus around business making decisions right now. >> kelly, it's kevin kelly. one of my questions i have for you is in regards to global growth. if we think about where ceos are putting their money, there's beens hesitancy to deploy capital just given the fact that the overall h global economy is slowing. germany just skirted a recession. what is the sentiment amongst clients and how are they going to be deploying their capital? >> yeah, it's a great he question. and you're absolutely right. we're seeing more measured capital investments. that having been said, i think there is a great deal of optimism, particularly in the

u.s. and in certain parts of the world. i think some of the uncertainties that have curbed investment are starting to abate. i think that the likelihood of a brexit that is manageable with johnson being able to stand and execute on his plan, while there will be ramifications associated with brexit, there's at least clarity on the path forward. i think that's extremely constructive. the optimism around the prospects of actually getting the usmca deal done before the end of the year is also another element of clarity that is important in terms of eliminating uncertainty. and the north american trade activity associated with that is -- [lost audio] -- some of the

measured capital investment has been a function of some of the e geopolitical issues outside of the u.s. as well as with the u.s. and other parts of the world. greater clarity will clear some of the path forward for increased capital expenditure going forward. >> kelly, it's danny from divine capital. i'm curious your take on how companies are looking at going to different opportunities cross-border. vietnam for example, their exports have grown astro no, ma'am cliff in this time -- astro no, ma'am cliflargely in e away from china. where are you seeing hot spots across the world for your clients? >> that's a great point. we're seeing companies restructure their supply chain, certainly diversify their supply chain around the world to given alternate path to continue to deliver their goods and services on a timely basis and with an

ability to manage the implications of potential tariffs and costs associated with tariffs ultimately in pricing. we are seeing some of that. the hot spots are really as you mentioned areas with proximity to china that allows the least disruption to existing supply chains, but the greatest optionality in the execution of existing provision and ultimately manufacturer and distribution of products. maria: kelly, you've got this strategic growth forum happening this week, bringing together top executives and entrepreneurs. where is the growth you're seeing today? >> yeah, it's a great question, maria. in fact, we wish what that you were here. we know had that you've been here in the past and it's such a great program. it's a really exciting three days. we bring 2,000 executives from really around the country who represent entrepreneurs, venture capitalists, private equity firms. we've got fortune 500 companies that like to tap into the energy

of the entrepreneurial spirit and this year we've got a group that represents literally 140 u.s. finalists for the entrepreneur of the year award program which culminates on saturday evening, is comprised of a group of outstanding companies, entrepreneurial companies that represent 146,000 people by employment and they have actually grown their workforce by 28%, so generating significant job growth for the economy. they collectively have $42 billion in revenue and their annual growth this year was a whopping 46%. so really a very vibrant representation of the u.s. entrepreneurial market and that is a group that is here and the sentiment is very positive, just really across the board. and we're seeing largely consistent buoyancy in this population of growth across all sectors. this is a group that really embraces change and diversity and is seizing the opportunities associate with some of the come

lexity we talked about earlier. maria: it's really all sectors you're finding growth. it's a terrific conference, i know. we will be back. we loved being here. kelly, thanks so much. >> thank you. maria: coming you, spy warning, huawei's chief security officer next on acyou cu accusations the company's a threat to national security of the united states. tesla back on track, model 3 gaining new ground with consumers. who is recommending consumers buy, coming up. send me questions on instagram and twitter. i'll answer they'll today at the end of the show and every friday. we're back in two minutes' time. stay with us. than just free trades? fidelity has zero commissions for online u.s. equity trades and etfs, plus zero minimums to open a brokerage account. with value like this, there are zero reasons to invest anywhere else. fidelity. there are zero reasons to invest anywhere else. (vo) thewith every attempt, strto free itself,pider's web.

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maria: welcome back. breaking news, jc penney releasing third quarter earnings. let's get to susan lee. >> a smaller loss than anticipated here, maria. we're looking at losses of 30-cents a share. analysts were looking at closer to 55-cents or so. revenue a bit light, $2.38 billion for the quarter. a little bit less than what analysts had penciled in for the

three months. they were looking for $2.5 billion. a lot of positives here. they have now raised their full year guidance when it comes to earnings and that's ebitda, which means outside of dryings depreciation and taxes. that's a positive sign. we have inventory declining 9% in the quarter. that means they're moving more goods than anticipated, in light of heading into the all-important holiday shopping period. so jc penney, there's a lot of positives. we have store rationalization and merchandise movement and i think all in all for a stock that's come along way down and has seen over a decade of falling sales, this is a pretty good quarter for them. maria: the stock is all the way down to $1.17, susan. i didn't realize it had gotten that low. this morning as you know, the good newses has it up 6%. susan lee with the latest there. the top story this half hour, china trade an national security. william barr says huawei and zte cannot be trusted, yo ahead of a

vote. i spoke with com commerce connet wilbur ross about huawei. here's what he said. >> they've been put in the penalty box. they're on the entity list. it's over that kind of issue that we have done that. it's also over that kind of issue that fcc is in the process of taking some definitive action. these are dangerous situations. 5g is going to be running everything. it's the internet of things. if somebody can do evil in the context of 5g, they can do real evil to the whole country. can you trust huawei to be the 5g supplier for your country? our conclusion thus far is no. maria: joining me right now is huawei technologies usa chief security officer, andy perdy. thanks so much for joining me once again. you just heard wilbur ross and

you know what william barr said, they that huawei cannot be trusted. what's your reaction? >> well, attorney general b arr is a great attorney, performing a sensitive role as attorney general as he should. i'm surprised he commented publicly about huawei in the context of two pending cases but he didn't really add anything, any new facts to the dialogue. in terms of the risks of 5g, it's very, very important that we recognize that you shouldn't trust anybody. that there need be mechanisms in place, that's what europe is doing. europe is putting in particular measures based on standards and best practices, that's not just about equipment vendors. it's about telecom operators. there's measures and procedures necessary. off don't need to trust the company. we can put measures in place so the operators and equipment is not subject to foreign influence. we can do that in a transparent way and europe's going to do it. maria: you say you shouldn't trust anybody. certainly not a company that has back doors that all your data

goes back to the chinese government. i mean, i don't think you could compare any company to huawei, give your relationship to the chinese communist party, right? >> the fact is, none of that stuff is proven, maria and we discussed -- maria: the founder of huawei is a communist, right? and a he's on the board as well. he's the chairman. >> in fact, you look at what theresa may and angela merkel said, that the u.s. government had no evidence. they didn't make allegations. maria: no evidence of what? >> they're afraid of what the china government will force huawei to do things. the measures that are in place that allow nokia and erickson to do business in the united states despite deep ties in china, those are the kind of measures that will provide guarantees and also the conduct of the telecom and mobile operators, that there will not be a risk from having huawei be one of the providers in the u.s. telecom network. more importantly, we've got thousands of american jobs on the line with the entity list.

we've got rural america as secretary ross said that are under-served and huawei serving them in 3g, 4g, we can help maintain that service and retain jobs. maria: why don't you change the back doors? why don't you change the infrastructure at haw away so you don't have -- huawei so you don't have back doors going to the chinese communist mater. there were a numb bever of numbf situations where back doors were found. vot.it would have allowed them o access italian fixed line network because of back doors they discovered inadvertently, andy. >> so maria, why is it that the european union, germany and u.k. are okay with allowing huawei to be part of those networks? maria: maybe because it's cheap. >> they're putting in measures we recommend which are measures that that address the risk from all providers. that's what necessary. maria: it's cheap and it's a money issue, that's what they

say. that it's cheaper than other equipment so they're going to buy it. why not sell it at market rates? why do you have to undercut competitors and sell it so cheaply so others will buy it? >> maria, that is false. that is not what happens. in fact, i just heard that the u.s. government person talked to one of our customers and he was shocked. he thought that huawei was giving away our equipment to rural america. we lose contracts every day around the world. we are at market price. we have the best equipment. and we can provide the technological innovation to help companies compete throughout the world. maria: that's equipment that goes back to the chinese communist government, equipment that goes back to the chinese communist government. you can understand what the u.s. is concerned about, right, that there are national security issues around the fact that there are all these back doors in huawei equipment which ultimately send the data back to the communist government who obviously wants to be the number one economic power in the world. >> so if that's true, and i know you've said that repeatedly.

maria: what do you mean if. >> why does the u.k. government and germany -- maria: i'm not talking about the u.k. government. i'm talking about america, andy. i want to talk about america right now. >> america went to the u.k. government. they went to the german government. the polish government, other governments. but they had no evidence of what you're talking about. so i understand you believe it firmly but there's no evidence of that, maria. maria: the cfo of huawei is detained in canada. i want to he get your reaction to something wilbur ross said in the last hour. listen to this. >> attorney general barr heads up the department that has brought the indictments against huawei up in -- that are being in court right now and huawei has let their chief financial officer, who is also the daughter of the main shareholder, they've let her stay under house arrest in canada for a year now, rather than let her testify.

if they have nothing to worry about, why are they letting her be stuck in house arrest for a year rather than have her come down and he defend herself? maria: why not let her testify, andy? >> you know, this sounds like the argument of the democrats and impeachment. they're so convinced that president trump is guilty, they're going to throw away all proper procedure and process in the proceedings they're doing in in the house of cep republican . maria: no one is throwing away in process. that's not true. we've got evidence. i read you vodophone italy there are cases where huawei has back doors and data goes back to the chinese government. we know there's been intellectual property theft by huawei because you settled all of these lawsuits withs companies like cisco, like motorola, like microsoft. there's been intellectual property theft. that's why you settled. there's no -- we're not making assumptions. these are facts.

>> get cisco to agree with us to unleash the information about that settlement. i'd be happy to have you see what's -- maria: you know when you settle you also agree to not discuss it. come on. my audience is not that stupid. >> i understand. fine. so get cisco to agree with us that we'll open up that information. you asked me a question about ms. mong. she has criminal process rights for extradition in canada and process rights in the united states. those proceedings -- she's has every right to allow those proceedings to proceed, consistent with the law of the two countries. maria: yeah. you know, i wonder, andy--i give you a lot of credit for doing what you're doing. you're the spokesperson for this chinese company. were you a member of the white house staff team that helped address the national strategy to secure cyberspace in 2003. you went to the dealt of homeland security to help forel and launch the national cyber security division and u.s. computer readiness team.

you served at acting director as the then lead cyber official at the department of homeland security. were you surprised when huawei offered you a job? >> the message that was communicated to me by the foreller cio of the u.k. government had that which be able to promote what is necessary to make america safer, to promote a safer and more stable cyberspace around the world, that's what i'm doing. i'm not defending huawei or china. i'm saying as -- maria: you certainly are. you're defending them right now. you certainly are. >> public safety in federal communications, he said given the global supply chain, given the activities of nokia and erickson in china, there need to be measures in place and the measures need to apply to everybody so we can make sure the bad guys can't implant stuff. maria: the measures need to start at huawei. that's what we're talking about. huawei having open doors to the chinese communist government. i want to switch gears. look, we all know what's happening here.

huawei also released its first smartphone without any google apps as a result of this ban. tell me whats has happened at huawei as a result of being on the entity list, as a result of this pushback on your telecom. what kind of business decline have you seen? >> well, our third quarter year over year results of profit was up 24.4%. we're going to be struggling. you look at the fact that 260 american companies want to sell to huawei representing over 40,000 american jobs. we're shipping our 5g technology with no american components. we want to come back and continue to buy those products. and nobody really believes that those things pose a national security threat for them to be able to sell to huawei. maria: they certainly do believe it. you heard it from the attorney general i'm self and you heard it from the secretary of state mike pompeo. they believe there are national security risks. let me ask you this. i know the founder of huawei is a communist, how loyal is he to

the communist government and what is expected of you as the huawei employee? >> i have never been asked to do anything improper. i don't know of anything improper. i've never been asked to say anything that i didn't believe in or not say something i in. the fact is, thi this company is committed, it's private. the company with over 190,000 employees would be devastated if evidence came out of the kind that would convince the united kingdom or germany or europe or whatever that huawei was doing significant cyber security wrong doing. it would be devastating to the company. maria: tell me about huawei's role in china's surveillance of its citizens, the surveillance state, at this bet, what are you doing in terms of working on surveillance? is that all huawei equipment the way that the citizenry is tracked? >> i don't have information as we talked about previously. maria: you're the chief security officer. you don't have information on

that? >> what huawei sells in terms of commerce, there's major stuff going on in capitol hill now, the issue of how technology can be used for the tyranny. i think trying to come up with standards for what kind of products are apa brett to sell around the world, that doesn't exist. i'd be happy to participate in those conversations. maria: it's good to have you this morning. thanks very much. we'll be watching this developing story. we appreciate your time this morning, andy. >> you're welcome. maria: we'll be right back. the. so why isn't it all about you when it comes to your money? so. what's on your mind? we are a 97-year-old firm built for right now. edward jones. it's time for investing to feel individual. ♪ diamonds shine like me. they're strong. they're brilliant. i am a diamond. find beautiful diamond styles

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up. schools are closed there. days ago the city experienced the worst flooding in 50 years. the mayor is blaming climate change. two tesla cars are back in favorite at consumer reports. the they are on the recommended list after they won high scores for reliability. the model 3 taking the fifth spot on the most reliable list. consumer reports still not recommending tesla's suv, the model x. the stock up half a percent in at the premarket. and then there is this. forget the taco bell hotel. get ready for the nutella hotel. it's coming to california. it can offer fans a breakfast, a brunch, pancake art, and it will include ronde trip air fare. it will be granted to three contest winners. to center, submit a video to show how nutella makes your morning special.

the commitment to breakfast and passion for whatever else is connected. maria: i want to go there. cheryl: it would be fun. maria: andy perdy from huawei, we tried to get it out there. i think that it was pretty obvious in terms of what we were dealing with in huawei. your reaction to the interview? >> it was unbelievable. you were unbelievably -- you were pressing him and he was not answering your questions. he was really being evasive. he absolutely knows that there's evidence that they're collecting all of this data, that they're spying. he wants to create this kind of facade that everything is fine and good and just give us your business because all these american businesses want to give us their business. maria: i'm struck by his resume. i really am. he worked at the white house. he was the white house staff team, helped draft u.s. national strategy to secure cyberspace. >> he's only working for huawei over here and representing the u.s. and so i think huawei's conceded the u.s. market.

their main thing is to go and dump into markets, make it -- so i don't know what he's talking about. he says they're at market rates. maybe they're at market rates in the united states but not in india, not at market rates in the u.k. maria: that's how they got europe. >> exactly. he was also wrong because germany's looking to ban huawei products. he said look to germany, germany loves us. why are they allowing us. they're actually not. that's one of the biggest criticisms from the party, so -- maria: the bigger issue is can we have a partnership with a country that we know tracks its citizens, that we know wants to beat us in all -- >> social credit scores. >> he couldn't answer your questions about america. maria: it's fascinating story. we'll see if we get a trade deal. i mean, it looks like from an economic standpoint both sides want it. these are very different values and cultures and we've been talking about it all week. we had a busy week this week on "mornings with maria." here's a look at a some of the top moments from the program this week. >> what they are trying to do is

undo the 2016 election and say, hey, we are so good, we didn't lose this. we had people that took it away from us. and the american people are saying get to the bottom of this, find out who did this. if they can do this to donald trump, they can do it to you. >> the bottom line is, what if anything did the president do. and i do not fault any president who wants to investigate corruption and they involve u.s. citizens, regardless of whether they're a political candidate or not. i didn't realize that you may be able to go out and be corrupt and then decide you're going to run for president and suddenly that makes you immune. >> i think the impeachment inquiry and the hearings today are a complete waste of time. it is the adam schiff show and i think that what he is doing is a complete and total disgrace, a huge waste of time. >>.maria: what do you think abt the impeachment so far. >> it's the first inning of a long game. you can't tell.

i don't know if anybody scored in runs. we'll wait it out and see what happens. i don't think you can jump to conclusions. >> i'm really concerned about the kids. there are kids, there are teenagers. once they're in these detention centers and the parents usually they have to fight for months to get access to them, to send a lawyer to gain access to them. this is absolutely brutal. maria.maria: do you think it'se beginning of another tiananmen square. >> it's already started. >> china is very important to the united states and vice versa. the world is very safe if we have china and u.s. as allies. it's different if we're not. >> congress continues to pursue sham investigations. what it means is they've not done the things they promised voters they would do. in 2018 they promised they would work with the administration on lowering drug prices, promised they would work with us on infrastructure, also promised they would work with us on trade deals. we remain anxious to complete the trade deals to keep the economy going. >> veterans day has to be every

day. these are the people who have volunteered and they're all volunteers now, to carry our freedoms on their shoulders. and making sure that they're part of your life, 365 days a year, is really the only way to honor that special service. >> i honestly think disney plus is going to be a huge hit. maria: i agree with you. >> they having a lot of competitors don't have which is all of this ip, all of these franchises. just lined up. >> people are asking, will disney unseat netflix. will people take more than one service. actually, our forecasts show that today on average americans have a little over two services and within three years, we expect that the average american is going to be subscribing to five video streaming. >> let's have fun. if you want to play soccer but don't have anyone to kick the ball around with, mit has the answer, they created the mini

cheetah robot and trained it to play the game. it's dog size. it can do flips. nice landing. it can walk right side up and also upside down on its hands. >> i think it's profoundly creepy. >> profoundly creepy. maria: mit is incredible. we spent a lot of time there during my reporting for my a.i. special. they are doing so much innovating, using a.i. and robotics to come up with ways to do jobs better, the jobs that people don't want. >> the only one i want in my house is the one that goes around and vacuums everything. maria: i want that too. imagine a disease is caused by too much of a bad protein, but a company develops a way to actually attack it. what drew me to capital allocation in health sciences was the potential to help many people through investments that help fund medical innovation. my team and i often choose to invest at the very early stages of human trials. investing lets me use everything i've learned as a doctor to help make a positive impact.

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-- >> we're much farther along in terms of detail there are calls all the time another call today there is a lot of work being put in on this. maria: that seems driving markets this morning highs of the morning dow futures up 83 s&p futures up 8 nasdaq higher by 32 waiting on key data retail sales out in about 30 minutes as are export export data half an hour we arel we will get numbers for you tell you how strong consumer when is we get sales months in for october yesterday record-setter s&p 500 dow, nasdaq fractionally lower standard & poor's 2 1/2-point gain to achieve unchartered territory 3096 on s&p 500 european indices mixed ft 100 down 20 points cac quarante in paris up 22 dax in germany higher by 28, in asia overnight markets mostly higher best in korea kospi index up better than 1% day two of public impeachment

hearings continue ambassador to ukraine heads to capitol hill what the expect coming up. >> capitalism versus socialism 2020 newcomer deval patrick answering questions over his time at private equity firm elizabeth warren cap liesees on war on wealthy coming up friday morning our top story this morning china today optimism driving markets this morning s&p 500 record territory i believe 101 all-time highs for the s&p under trump administration white house economic adviser larry kudlow said yesterday phase one trade talks are in the final stages of the president trump is not quite ready to sign it yet, earlier the program i spoke with commerce second wilbur ross asked about the likelihood of a trade deal. >> where are we in a trade deal? >> well, you don't really have the deal on anything until you have the deal on everything. so it is not surprising that at the very last minute pieces

are bouncing around i think the main thing what is president said after rally last night china wants to make a deal, we think we would like to make a deal that is the right deal this will get made in all likelihood. maria: joining me u.s. attorney general exchange commission chairman jay clayton mr. chairman great to have you thank you so much you gave a speech ought of pennsylvania we want to talk about that wells where we stand in terms of record highs, with the market, is that from your standpoint chairman is that good news when you see record highs it maybe gets, a broader -- pool of people to perhaps think about investing? >> well, i want to thank you for what you do here because, investing is important to a broad array of americans, and you talk about markets and investing in a way that is accessible to lots of people. >> thank you. >> it is really it is important to your point for people to know that markets do fluctuate they go up they go down, they reflect the today's

view, tomorrow. when is improe. cise do you nice job letting people know there are highs lows over time as individual investor you want to ride the curve hopefully our economy continues to grow overtime as in the past. maria: with that as backdrop, tell me what your looking at in terms of priorities, the chairman. fec right now we've got a lot of issues we deal with all the time one thing that caught my eye was the fact that the fub of public companies, is way down just in the last five years or so, why that is are fury companies deciding to go public and what is behind that. >> yes fewer companies deciding to go public or to stay private a combination of factors, becoming a public company is a rigorous exercise, it has become more rigorous i will say companies that become public, i believe they become better companies going through the process, that said on private side, we have tons of private capital

available to good companies if you are sitting there making that decision, do i stay private do i go public, you have lots of capital available in private sector, you may make that choice. now one consequence of that not a broad economic consequence but is an investors consequence, are main street investors do not really have access to private capital opportunities, and that troubles me on a policy level a personal level i want to make sure main street investors are getting a broad array of opportunities, that reflects the economy as a whole looking at ways, for them to access, that whole spectrum public/private markets forward. >> does it concern you valuations in private market have gotten high you look at ipos this year companies that have gone public, lyft uber going public, that was those two names that are very accessible to the public but there are hurdles problems with wework as well as fe.c. plans to get retail investors

access to ipo shears talk about that are you concerned that you see some valuations in the private market skyrocket. >> let's wreak this in two parts one thing that kwrnz me what we see companies waiting a long time to go public, so much of the growth phase of those companies, is occurring away from our main street investors, and then you know as gotten very large, and -- sophisticated want liquid they go public, i would love to see main street investors get in earlier, at companies going up, the second part of your question is are we seeing evaluations too high too low? in markets, people have valuation mistakes resets that happens, and i think some of the ones that we've seen, you know, are relative of people's expectations being out of line with reality that happens. what we do, in the public capital markets we try to make sure there is as much you

disclosure as possible mistakes minimum might have had. >> important what i want to get into under proposed rule shrldz have a tour time to submit proposals to companies would tightsen eligibility requirements from investors can file shareholder resolutions explain for our audience tell me about that tougher times proposals to companies, why this proposal from fec is important. >> you are talking employ proxy process the ability of a shareholder to put in front of all other shareholders, something they would like the company to do. maria: make maybe want company more green, maybe they want focus on clooemeimate chan. >> there are lots how company operates what do you have to do to get your idea on the proxy, get it out to everybody, so they can vote on it, then what do you have to do to keep it on proxy, now tluls have not been updated for a long time. and what we are proposing, this is a proposal we want the public input. >> you want feedback. >> we want feedback doing on

initial proposal is saying instead of 2000 dollars for a year you've got to have three years before you can get on the proxy demonstrate, a long-term interest in the company that makes sense. then, how do you get to keep it on proxy say it doesn't get enough traction the first year but some traction, right now those thresholds for keeping it on if proxy are three, six and 10 percent. >> they have been updated -- not since 50s intervene internet you could engage with shareholders other ways to engage request company you got proxy results by mail, now you get results instan containously. >> 5, 15, 25 if you get one in 20 the first year you put it on second year to get you know less than one in 10 you get one and four. maria: practical, i want to ask about short termism.

>> letl let me get to cryptocurrency administrator reports saying regulators may be fataledering when it comes to comply with fund-raising laws fec jeektd all bitcoin tell me about cryptocurrency what worry is -- a broad label covers a lot of things one is securities. raising capital for a venture that is what we regulate people raise capital publicly for venture you have to provide investors with very good you disclosure if a crypto asset we are going to treat it like a share of stock. >> makes perfect sense. >> perfect sense where there is more focus from banks, bank when i say banks i maintain central banks fed counter part true cryptocurrency ways to make payments, that is, you know this is a very interesting thing that is going on because that is driven by a couple of factors,

one is, our international payment system has inefficiencies cost money for you to send money, to europe get money back from them the question can technology you know drive those comforts down. everybody is in favor everybody is in five of costs going down you want to do so in a way that keeps the fundamental protections, we have in our payment system, you no no money laundering no terrorist financing those types of things you have to -- solve for those at the same time you solve for efficiencies. >> what are thoughts on facebook libra. >> i don't want to comment on specific products i will say this has been a good thing brought attention to this space this is a technology that has transformative promise we need to look at it drive those efficiencies that is something we should encourage we've got to maintain protections for consumers and investors that we feel over time.

>> i don't know what will win out whether bitcoin or libra, but do you expect that ultimately we will have digital currencies a way to pay for things, through technology. >> where is this going. >> i think digitization of payments is coming. because, it is clear that it drives efficiencies so that is happening the question how does its happen we are not in the business i am not in business i know other regulation officers are picking winners and losers but in business of saying -- >> safeguarding. >> you got to respect safeguards over time as you innovate. >> is there any crypto or incidentally curren digital occurrence you think free of all issues yet? are you still examining -- >> i have not seen them. >> you have not seen one. >> doesn't mean not getting to that -- >> invite fascinating because, it is easier but with easy comes a lot of issues.

>> the east ease has to respect things important to you and me every day life. >> short termism something we have spoken about in the past where as we'll have knee-jerk reactions because of guidance accuse of you know the whisper number prevalent in 90s as i know, are you looking to change the rules in terms of what companies can say can't say in terms of public information. >> let me say in a broad level i we talked about this, that the president mentioned quarterly reporting he struck a nerve are we too focused on short termism not on short term operations, and long term goals we don't without a doubt our rules to drive people away from long-term goals if you are running a company you need to run a company, day-to-day, and with you long term objectives, markets first

thirst for information, immediate reaction to news about a specific company, news more generally about the economy we are not going to starve markets of that information, so it is. maria: quick when you see a market that is at highs like we are right now do you see, more bad apples? you are the police on the beat securities and exchange commission the fraud stories people trying to take advantage does it happen more euphoric times or not? >> look i think almost -- a student of history if you look through history there are always bad apples we are trying to do best to make sure we uncover them equitably as possible did he ter them from entering markets, i've got a lot of great people in addition spend every day trying to root out bad apples. >> how would you characterize where it is today. >> i think technologyed our ability to did he tech deter insider trading particularly inside united states good monitoreding here. >> mr. chairman great to have

you jay clayton joining us we still got a hour ahead joining the conversation president of the federal reserve bank of dallas robert kaplan here on state of the economy host of "varney & company" stuart varney weighs in don't miss a moment the impeachment fight we are taking a live look at capitol hill with house will hold its second public impeachment hearing favoring you need to know when we come back rise in socialism 2020 newcomer patrick fielding questions over time in private equity firearm under fire in 2012 election mark cuban told me yesterday socialism simply does not work more when when we come back. ♪

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public spee. hearings former u.s. ambassador to ukraine mar reyovanovitch to

testify hillary vaughn with the very latest. good morning to you. >> good morning, democrats are trying to sell impeachment to the american people, by trading the phrase quid pro quo for the word bribery, after -- the word bribery plays better in battle ground states. >> quid pro quo. >> bribery. >> bribery. >> -- the constitution -- attached to to the impeachment proceedings. >> what was the bribe here? >> the bribe is to grant our wuthhold military assistance in return for a public statement of a -- of a fake investigation into the -- elections that is bribery. representative creative house intelligence committee chairman adam schiff star witness wednesday not having firsthand information will hear from former ambassador maria yovanovitch fired before the july 25th phone call between president trump and

president zelensky happened she does not have firsthand information either maria. >> thank you. we will follow this, hillary vaughn in washington i speak one-on-one with president of the dallas federal reserve what he is expecting in the future the rise of socialism 2020 newcomer deval patrick taking heat over time in a prooit equity firm that same firm under fire in 2012 election mark cuban told me yesterday socialism is not the answer coming up. ♪ fun fact: 1 in 4 of us millennials have debt we might die with. and most of that debt is actually from credit cards. it's just not right. but with sofi, you can get your credit cards right, by consolidating your credit card debt

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maria: welcome back, capitalism versus socialism 2020 newcomer deval patrick fielding questions about time at private equity firm bain capital a debate over individual wealthy bain capital under fire in 2012 because then republican candidate mitt romney found it on msnbc yesterday patrick was asked about the role of business and capitalism in democratic party watch this. >> i love the party that is moved to the left, i love that we are the party of the woke i believe we have to be party of still waking there is a place for private equity in the private economy there is a place for business in our lives. but there is it is also true that capitalism generally has a lot to answer for, that is so. and we need to be able to confront that that is za will the work i have about ep doing at bain capital i have done same work in other business settings before.

>> dallas mavericks owner mac cuban with me yesterday chimed in watch this. >> capitalism is going to win there is no question about that, but look, i am never against open discourse that makes this country great you know, people being able to convey opinions, i am not going to agree with all them, socialism just doesn't work. maria: this has 2020 candidate senator elizabeth warren campaign is actually capitalizing on her stance against wealth with a new coffee mug printed with slogan billionaire tears. joining us right now "barrons" roundtable host jack otter wall street at large stost. >> intoing to see capitalism versus socialism debate continue your reaction. >> what i like cuban and deval patrick able to do something not happening enough in whole debate right now they can hold two ideas in head at once

patrick isn't going after obtain capital saying good thing running for enact party nominee obviously, has other ideas cuban didn't go you know one hundred percent against it he said there is still improvements to be made in capitalism to solve problems we have to stake that. >> when domestic violenceal said capitalism has things to answer for what does capitalism have to answer for. >> i think debate framed as con sest between capitalism socialism it is no con sest right. maria: no. >> if anybody thinks that we have a perfect capitalistism they need head examined lots on show in a couple weeks a really brilliant economist from new york university written a new book, saying that is what going on in america today is not capitalism as it should really be done, certainly not capitalism in united states in 1950s, let's say not competitive capitalism, too many companies too much capture a too much concentration huge inequity not a recipe for stable productive effective

capitalism, capitalism is argue the dmets want to make good if argument is it failed we should junk it that is not very good argument what we have in this country the moment a system in which power market power, economic power has been concentrating in hands of really, really a relatively small number of companies take tech airlines, take -- >> that is a beauty of capitalism a lot of people billionaires started with nothing mark cuban telling me he used to sleep on the floor did not have two cents to name they worked hard achieved success. >> the argument maria i think should be if i were a democrat i am not if making for more capitalism not less, the problem we have right now, is not that we have too much capitalism that we don't have enough we don't have enough market competition if making that argument that is a good argument if going to say capitalism is no good ignore the fact that hundreds of millions of people in last 30 years alone have been, removed

from poverty listed out of poverty, and destitution by free markets china what happened in china in asia they have lib braitsdz markets opened themselves up to capitalism that is genuine capitalism way it is supposed to be. >> fact that wages are up has lifted many boats from bottom earners we are seeing inequality tighten we could see more. >> i think what one of the points that jerry is making crony capitalism is a problem i think that at a certain people had success and managed to get -- mold government too much government helping people currently you powerful holeing back innovators, dell companies, whatever. >> talking about this tonight on the program, quick what do you have. >> i've got john stein, innovator founded betterment. >> mark penn used to be hillary clinton going to talk about -- >> fantastic we you both tonight tune in fox business

friday night lineup kicks off with maria bartiromo wall street friday night 9 pm eastern followed by "wall street journal" at large, we will be right back.

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because your investments deserve the full story. t. rowe price. invest with confidence. maria: welcome back breaking news october retail sales figures coming out futures right now -- up 3/10 of a percent on retail for october expecting 2/0 the numbers up 3/0 of a percent retail sales marketing up going into this number about to sues an li. >> that is right better-than-expected month -- improvement from what they see as sluggish august also september as well there were applications maybe -- pull some sale into month of july therefore taking away from august, a reflation looks like consumer doing a lot heavy lifting for this u.s. economy, maria since we know there is

lag in business spending what for december 10 federal reserve meeting do they cut in anticipation of maybe slowing growth, looks like consumer is still strong take a look at october retail sales numbers we have been seeing that as well right, walmart did really well yesterday suggesting a strong holiday shopping period. >> for sure markets up going into this number we got retail sale better than expected overly but have xautos looking weakesh let me ask panel veronica kevin danny with me your reaction to the retail sales. >> good news into holidays for the retailers we still have very low unemployment rising wage growth all good things for the economy, consumer is still strong as susan said consumer is carrying the weight of this economy i would love business spending pick up, that would really give us robust growth but, meantime, consumers holding strong. >> i think what is interesting to me is that this is like

really a tell a of two cities you've got on one side jcpenney sears, macy's put in that bucket old school retailers that are doing trbly have been doing terribly a drag had a lot of debt problems, and then on the other side, i put walmart on this side to your point, e-commerce up 41%, last quarter they reported, target is going has been doing a lot better of these doing phenomenally shows sift consumer strong shows shift ofs consumer moving much more to the e-commerce. >> seven of the major 13 categories actually dropped in this number, so that is a little disconcerting if we look at furniture home was down, clothing was down so you know consumer is choosier i think important to note this

holiday shopping season is missing you are starting to see black friday deal quicker as straerl trying to capture that make up for that loss, e-commerce week, of sales, this holiday season. >> do you still see the strength in the overall economy even though you see capex questioned? you said it the consumer is strength here but do you worry that capex is has slowed down. >> capex has slowed down, we've seen in we should continue to see it to slow down going into next year case there is uncertainty over the election, so a lot of business leaders cfo's trying to determine how to deploy capital going into uncertain environment with election seeing that happen in health care stocks are worried about the plan, from warren sanders you are starting to see a lot of including the business roundtable even talked about strength of the dollar certainly impacted overseas investments next year could be trying year, if we get gdp 2,

2 1/2% a win for u.s. economy. >> sure is joining me right now president of the federal reserve bank dallas robert kaplan,mr. president always great to see you thanks so much for joining me this morning. >> great to see you. >> first let me get your assessment where we are retail sales number obviously, better than expected xautos it wasn't what is your reaction to economy when you see strength of the consumer versus capex and businesses uncertainty. >> the consumer strong 70% and any so we should should a solid economy going into 2020. you know household balance sheets are improved we got a tight labor market, having said that, primarily due to trade uncertainties and weak global trade global growth weaker manufacturing weaker business investment as you have been talking about is weaker. the good is those are smaller parts of the economy, the

issue is if those issues get worse, do they spread to the consumer, at the moment, my view is o that i think we've got a good chance to navigate through that weakness, and have a solid year of growth in 2020. >> okay. so how do we do that then? is it going to be on consumer or do you think businesses are going to see through what is happening this uncertainty put money to work in terms of capital expenditures what are you hearing from sources i know you speak with business all the time? >> yeah, so for most businesses i talk to, because of trade uncertainty and to some extent because of inability to find workers in some cases, they put capex spending by and large on hold have not canseled projects but put them on hold this year and good part next year i think if you sue intro. in uncertainty best into future you might see

better investment my outlook next year i am expecting business investment to continue to be sligish. >> you think business investment continues sluggish in 2020. what is it going to take to get that moving again just certainty around trade or is it the global economy, because you are also seeing things like europe, having a hard time generating growth how much ach factor is that? >> i think one number to watch is what is the volume of global trade. 45% of s&p 500 revenues come from outside united states, so if we can get some clarity global on trade where we get trade stabilization, and global growth is better that will help a good example of an industry that will help with energy business when is my neck of the woods very much embattled by decelerating global growth more stabilization in trade will help i am not just talking about china-u.s. relationship i am talking about threatened

auto tariffs against countries around the world, while we are sensitive to trade in the united states, it is over 40% of german gdp for example. and so i think that is still probably the number one issue for business is just a little bit better certainty less unpredictability o globally i think you will see better business investment would be we'll obviously. >> chairman of the fed jay powell sounding bullish dismissing manufacturing slowdown saying not a threat to broader u.s. economy or monetary policy. what about that? >> yeah i think, and i agree with that, outlook, i think despite weakness i just talked about, i think if usmca can get ratified in the effects six months i think would remove one uncertainty, we are watching how brexit gets resolved a bit of

stabilization maybe early stage china deal i still believe most likely case that is we will grow in neighborhood of 2% next year. that is not great growth. but we certainly are not going to have a severe downturn in that scenario. >> i am glad you brought up china because white house economic adviser larry kudlow said yesterday that negotiations for initially deal in final stages, but president trump is not ready to sign anything yet. commerce secretary wilbur ross joined me about u.s.-china trade listen to this i want to ask what you think about perhaps, a deal not getting done, and is that a big risk for the u.s. here is wilbur ross watch this. >> we are much farther along in terms of detail, there are calls all the time, another call today. there is a lot of work being put in on this. this is not a thing where people are just sitting around stargazing people are working

quite actively, on a real-time basis to try to put this together. maria: but, you know, that we're talking about completely different cultures about communist versus a knobbing demonstratecracy if we can't agree he inappropriately if they steal intellectual property or can't force transfer of technology if we can't get a deal that is a big risk for the u.s.? >> i think a lot of that uncertainty, to some extent is baked in i think most businesses believe and i believe this too that the competition with china is going to go on for years. these disputes will go on for years. the question in the near-term with this first smaller portion of the trade deal is, is u.s. willing to take off relax roll back existing tariffs in alternative for

getting a first stage detail. and i could see why that is a big dispute. but in terms of these of the tension with china, i think most businesses i talk with expect that is going on for the foreseeable furlt afurther if good nice to that most businesses biked that in working on alternative arrangements operating plan that assumes there is going to be condo uncertainty. >> you mentioned usmca. and house speaker nancy pelosi says a trade breakthrough with trump administration could be near despite impeachment hearings watch this. >> -- >> positively in terms of u.s.-mexico-canada agreement. i do believe that if we can get this do the place it needs to be which is imminently that this this can be a template for future trade agreements, i would like to see us get it done this year, that would be my goal, i don't manual -- i

don't imagine much more to pass. >> most expect if it comes to floor will pass how significant for the economy? >> the i think it will be very helpful it is overwhelmingly in the interests of the united states and members that is why i am optimistic that it is going to pass within the next six months. logisti couldn't say he supply chain arrangements are critical if in a you long-term competition with china showing up trade arrangements with members and canada are essentially to u.s. co competitiveness. >> we talked capex for a moment about the global economy having a tough time, growing and, yet, the federal reserve is on hold, undermine of cutting interest rates, why are you on hold?

>> listen i felt strongly as you know from our previous discussions that in light of uncertainties i felt strongly we should act in july. we acted in september. we acted with some debate appropriate debate, in october. and i think those actions at least from my point of view have been sufficient to demography th address weakness straighten out-year-old curve very important to me i think policy setting with monetary policy is appropriate in line of weaknessees. >> what do you look for that could change the -- the narrative what is most important to you you will be forced on in terms of changing that sentiment. >> still looking does global growth weaken further do trade sanctions intensify i am hopeful that won't happen will manufacturing get weaker will business functioned investment as a result get weaker?

with that weakness spread to the rest of the economy. >> i am hopeful we will get stabilization here and that won't happen but that is that is the downside risk that i will be watching for. >> the manufacturing story is really important, because we have seen a real impact to some uncertainty to manufacturing, how would you characterize that right now? >> it is just what you said. most manufacturers i talk to people have to understand if you are an exporter, it is highly likely you are also an importer why is that? because today we have logistics supply chain arrangements goods going back-and-forth across borders multiple times, and that allows u.s. companies to be globally competitive and take share from other parts of the world, so the tariffs put sand in the gears of those logistics supply chain arrangements and helps explain why manufacturing is more challenging. >> what about the dollar the strong dollar also impacts

earnings also leads to slowdown is that a factor? >> yeah the dollar is a factor the thing about the dollar is a lot of people assume that there is one for one relationship between higher interest rates and stronger dollar, may be not. we went for seven or eight years in united states rates zero a very strong dollar i think dollar is reflective of relative come pettiness of the withdrew states receipt of the world the dollar is stronger i think may well continue. >> he we will leave it there, robert kaplan my special guest on wall street we look forward to that thanks so much for being here. >> thanks good to talk to you. >> president of the dallas federal reserve, markets higher we are at highs of the morning right now, the economy, is doing well we just heard, from retail sales as well futures climbing followed by another record for the s&p

500 yesterday dallas fed president capplan told us consumer is strong predicts solid economy into 2020 stuart varney we see in next i will answer questions from social media later this hour ask maria back in a minute. so. what's on your mind? we are a 97-year-old firm built for right now. edward jones. it's time for investing to feel individual. ♪ do you recall, not long ago ♪ we would walk on the sidewalk ♪ ♪ all around the wind blows ♪ we would only hold on to let go ♪ ♪ blow a kiss into the sun ♪ we need someone to lean on

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only pay for what you need with liberty mutual. any comments doug? yeah. only pay for what you need with liberty mutual. con liberty mutual solo pagas lo que necesitas. only pay for what you need... only pay for what you need. liberty. liberty. liberty. liber♪y maria: welcome back markets higher pointing up after record-setting day for s&p 500 yesterday good news on retail sales this morning joining moe host of "varney & company" stuart varney, good morning.

>> maria frankly i find it amazing. the dow has gone up four straight weeks s&p up six straights weeks the nasdaq up seven straight weeks. during all that time, preparing to remove the president from office i mean isn't that a tell a -- tale two news stories impeachment doesn't count for market market off to races i think right in the middle of a really amazing year-end santa claus rally i love it our show not going to ignore impeachment we will cover it but i want to focus on this remarkable performance by the stock market. that is where we are focusing. >> i love it pretty strong, actually pretty enviable market keeps going up backdrop feels strong as ever six months talking about a recession on the horizon i know you have a lot more we will be there. >> thank you "varney & company" top of the hour 9:00 a.m. eastern join stuart after "mornings with maria" first tables are turning on answering your questions from

social media, right after this break back in a minute. ♪ ♪ ( ♪ )

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exclusively at zales, maria: welcome back, you ask i am answering i am the one usually asking the tables turning every friday brand-new segment ask your questions from social media friday the first question from hill webb 13 if you are talking to teenagers how would you define free market capitalism why better than socialism the first official definition of capitalism is an economic political system in which a

country trade and dry are controlled by private owners for profit rather than by the state, in other words, if you work hard you can enjoy fruits of your success. you can take a risk, build something profit from it without having to give to it government. the official definition of socialism a political economic theory social organizes advocates means of production, dr. absent exchange should be owned or regulated by the community as a whole, in other words, if when you take a risk bull something results should be shared with impunity government can redistribute what you've built it is not yours regardless whether you built it or not some of us take for granted the freedoms that we enjoy, the freedom to start a business enjoy the fruits of it free markets capitalism have proven the great he equalizer more people out of the poverty an any other political system people animal to take a risk work hard achieve success i am with capitalism the next question from arlen snow 808 asks do you miss the action of new york stock exchange.

>> continued success thank you so much i love the new york i was privileged to work there almost 20 years love going back as well when i was there the frenzy at peak 5,000 people spread between five rooms of the exchange technology has changed so much, combine that with fees plupting that has meant a lot fewer people doing the job more technology, today just one room that is used and there are about 500 people, trading stocks it is a very different place, i certainly miss good old days absolutely but today i feel so fortunate to have the more sometime latelying conversation i have had policy china broad economy as well as stock market, third question finally from better thannet brown 2 how old is your dog. >> thank you for asking about dusty dusty about one and half honestly i am not actually sure because i rescued her born in houston, texas somebody abandoned this baby

petco foundation found her for me i was able to adopt her so grateful tee pet coi to encourage everyone adopt rather than shoch for one they really need help dusty a cutie pai thank you forking a about her i want to hear from you send a question instagram or twitter i will answer a new round next friday, ask maria thanks for participating, break final thoughts from all-star panel stay with us. ♪ ♪ [grunting]

[maniacal laughter] gold. gold! right, uh...thank you, for that, bob. but i think it's time we go with gbtc. it's bitcoin exposure through a traditional investment account. nice rock. it's time to drop gold. go digital. go grayscale.

oh, wow. you two are going to have such a great trip. yeah, have fun! thanks to you, we will. aw, stop. this is why voya helps reach today's goals... ...all while helping you to and through retirement. um, you guys are just going for a week, right? yeah! that's right. can you help with these? oh... um, we're more of the plan, invest and protect kind of help... sorry, little paws, so. but have fun! send a postcard! voya. helping you to and through retirement. maria: welcome back. final thoughts? >> looking at the consumer retail sales, six fewer shopping days this holiday season. want to see how it will affect retailers going forward. >> technology regulation should come down the pike. hopefully next year, we'll start to see that. the "wall street journal" has an

investigation probably coming out tomorrow in the print edition, says how google interferes with its search algorithms and changes your search results so they have blacklist algorithm tweets, army of contractors that shape -- maria: they said it was a machine. somebody operates the machine. great to have everybody this morning. thank you so much. have a great weekend. "varney & company" begins right now. stu, take it away. stuart: good morning, maria. good morning, everyone. let's go. this stock market is truly amazing. it sets record after record. we are clearly in a year end rally, a santa claus rally, call it what you like. given the circumstances, it is indeed amazing. the dow has gone up four weeks in a row. the s&p, six weeks in a row. the nasdaq, seven. all during that time, speaker pelosi and chairman schiff were planning the removal of the president. investors don't care. since he was elected, the value of all stocks has gone up 10.8 trillion. now we all share in that. prf comi coming up,